ARA Newmark has brokered the sale of GrandeVille at JubiLee Park, a 330-unit garden-style, Class A community in Orlando, Fla. Cortland Partners purchased the asset from LeCesse Development Corp. for $65.8 million. The new owner will manage the property and plans to rebrand it as Cortland Jubilee Park.
Patrick Dufour, vice chairman, Scott Ramey, director, and Kevin Judd, executive managing director, represented the seller in the transaction. Recently, the same team has brokered the sale of Axis West, a 268-unit luxury asset also in Orlando.
Located at 6850 Merryvale Lane, GrandeVille at JubiLee Park is 12 miles southeast of downtown. Dining, retail and entertainment facilities are within a five-minute drive and Orlando International Airport is within four miles.
Completed in 2015, the property’s one-, two- and three-bedroom units range from 707 to 1,523 square feet and span across 21 buildings. Common-area amenities include controlled access, swimming pool, outdoor kitchen, community dog park, clubhouse, fitness center, tennis, volleyball and basketball court. The property was 95 percent occupied at the time of sale.
“… nearly all of our top bidders had plans to complete some level of interior renovations. This is a growing trend we are seeing. Many traditional value-add buyers are upgrading the quality and age of their portfolio by targeting core plus assets like GrandeVille at JubiLee,” Dufour said in prepared remarks.
Image courtesy of ARA Newmark
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